v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The Company is party to a $8.25 billion Credit Agreement (the "Credit Agreement"), with Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer and a syndicate of financial institutions (the "Lenders"), which has been amended multiple times. The Credit Agreement includes a Term Loan A, a Term Loan B and a revolving credit facility. As noted in footnote 2, the Company is also party to the Securitization Facility.
The balances of the Company’s debt instruments under the Credit Agreement and the Securitization Facility are as follows (in thousands):
June 30, 2025December 31, 2024
Term Loan A note payable, net of discounts$3,000,926 $3,083,037 
Term Loan B note payable, net of discounts3,057,699 2,327,174 
Revolving line of credit facilities419,000 1,262,000 
Other obligations1,075 869 
Total notes payable, credit agreements and other obligations
6,478,700 6,673,080 
Securitization Facility1,639,000 1,323,000 
Total debt
$8,117,700 $7,996,080 
Current portion$2,248,617 $2,769,974 
Long-term portion5,869,083 5,226,106 
Total debt
$8,117,700 $7,996,080 
On February 20, 2025, the Company entered into the sixteenth amendment to the Credit Agreement. The amendment increased the Term Loan B commitments by $750 million. The Company primarily used the Term Loan B proceeds to pay down existing borrowings under the revolving credit facility. The maturity dates and the interest rates for the revolving credit facility, Term Loan A commitments and Term Loan B commitments were unchanged by this amendment.
The Company was in compliance with all financial and non-financial covenants under the Credit Agreement and Securitization Facility at June 30, 2025.
The contractual maturities of the Company’s total notes payable, credit agreements and other obligations at June 30, 2025 were as follows (in thousands): 
Remaining 2025
$518,674 
2026197,140 
20272,786,203 
20282,996,342 
Thereafter
— 
Total principal payments6,498,359 
Less: debt discounts and issuance costs included in debt(19,659)
Total notes payable, credit agreements and other obligations
$6,478,700